Geopolitical tensions are driving the price of gold and cryptocurrencies higher, with both benefiting from rising risk aversion in the market, despite significant differences in their nature, maturity and reliability as safe-haven assets. Both may rise in the same direction driven by the same risk event, but investors must be aware that cryptocurrencies are by no means equivalent to golds safe haven, with a much higher risk rating, and that treating them as safe-haven assets requires great caution and a full understanding of their potential high volatility and regulatory risks. Gold is often used as a more robust safe-haven cornerstone when considering allocation, while cryptocurrencies (if allocated) should be treated as high-risk, highly volatile satellite assets that need to be tightly controlled as a portion of the portfolio.